Boston Scientific (NYSE:BSX) Price Target Raised to $107.00

Boston Scientific (NYSE:BSX) had its target price raised by analysts at Citigroup from $98.00 to $107.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Citigroup’s price objective would indicate a potential upside of 18.19% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Boston Scientific in a research note on Wednesday, November 27th. Bank of America increased their target price on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Mizuho increased their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Barclays increased their target price on shares of Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial increased their target price on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $94.00.

Boston Scientific Stock Performance

BSX traded up $0.33 on Wednesday, hitting $90.53. 1,351,108 shares of the company’s stock were exchanged, compared to its average volume of 5,982,147. The firm has a market cap of $133.43 billion, a PE ratio of 74.77, a P/E/G ratio of 2.65 and a beta of 0.80. Boston Scientific has a twelve month low of $54.95 and a twelve month high of $91.93. The stock has a fifty day moving average of $87.62 and a two-hundred day moving average of $81.55. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. Boston Scientific’s quarterly revenue was up 19.3% on a year-over-year basis. On average, research analysts anticipate that Boston Scientific will post 2.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $84.63, for a total value of $13,775,817.51. Following the completion of the transaction, the chief executive officer now owns 1,572,096 shares in the company, valued at $133,046,484.48. This represents a 9.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $83.86, for a total transaction of $585,594.38. Following the completion of the transaction, the executive vice president now owns 34,748 shares of the company’s stock, valued at $2,913,967.28. This trade represents a 16.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 328,157 shares of company stock valued at $27,957,676 over the last ninety days. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. CRA Financial Services LLC boosted its holdings in Boston Scientific by 4.3% during the third quarter. CRA Financial Services LLC now owns 2,841 shares of the medical equipment provider’s stock worth $238,000 after purchasing an additional 117 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in Boston Scientific by 9.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,352 shares of the medical equipment provider’s stock worth $115,000 after purchasing an additional 119 shares during the last quarter. Adero Partners LLC boosted its holdings in Boston Scientific by 3.6% during the third quarter. Adero Partners LLC now owns 3,617 shares of the medical equipment provider’s stock worth $303,000 after purchasing an additional 127 shares during the last quarter. Ashton Thomas Securities LLC boosted its holdings in Boston Scientific by 1.3% during the third quarter. Ashton Thomas Securities LLC now owns 9,968 shares of the medical equipment provider’s stock worth $835,000 after purchasing an additional 129 shares during the last quarter. Finally, Jacobsen Capital Management boosted its holdings in Boston Scientific by 4.9% during the third quarter. Jacobsen Capital Management now owns 2,820 shares of the medical equipment provider’s stock worth $236,000 after purchasing an additional 133 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.